Size: px
Start display at page:

Download ""

Transcription

1 BEING FINANCIALLY PREPARED FOR RETIREMENT The Scary Facts! $1.00 item in 1972, costs $3.78 today At the average rate of inflation, the price you pay for an item today will be double in 20 years almost $5.00 for a dozen eggs!! You would need $300,000 invested at 6% for an $18,000 annual income when you retire The average life span for a man is 76, but you should plan financially for 85 The average life span for a woman is 82, but you should plan for 90 It s quite possible that you could live 30 years after retirement Where will your retirement income come from? Old Age Security Canada Pension Plan Company Pension Plan Registered Retirement Savings Plan Personal Savings Home Equity Financial Planners estimate that you will need a retirement income that is 70-80% of your final earned income to live comfortably Generally you will spend less on clothing, eating out and routine transportation You may initially spend more on travel or hobbies. Utilities will likely cost more because you are home more Old Age Security and Canada Pension Plan are intended to provide about 35% of your retirement income Ideally, a company pension plan will make up 50% Personal savings or RRSP s will make up the remaining 15% Old Age Security Must be 65 or older (if born after 1957, eligibility age increases incrementally to a maximum age of 67) Apply for benefits 6 months in advance Meet Canadian residence requirements OAS is taxable income Current maximum is $544 per month Reduced if total income >$69,562 year Guaranteed Income Supplement for low income seniors ( maximum $738) 1

2 Canada Pension Plan Must have contributed to be eligible Apply 6 months in advance CPP is taxable income Current maximum is $986 per month based on how much and how long you contributed Calculations allow for a drop out period of up to 15% of low earning years You can draw CPP at age 60 with benefits reduced by.7% per month prior to age 65 You can postpone CPP until age 70, increasing your amount by.7% per month Survivor benefits may be available to a spouse and/or children You can pension share with a spouse or common-law partner who is also 60 years of age to take advantage of tax benefits (ie; spouse has lower tax rate) Company Pension Plans Defined Contribution Defined Benefit Deferred Profit Sharing Group RRSP Defined Contribution Annuity Commonly, a set percentage is deducted from income and matched by employer Contributions are invested with a company designated investment firm Employee contributions can be claimed to reduce taxable income Usually vested after 2 years (cannot cash funds but employer cannot take back their portion) The employee is responsible for choosing and tracking investments and their performance Pension funds may be available as early as age 55 Pension funds must be used to purchase an Annuity or Life Income Fund A contract with a Life Insurance Company Guarantees specific income for specific length of time Payments based on age, amount of money and interest rate when purchased No lump sum withdrawals No changes to payments or terms Income Reducing Annuity the owner would get a set amount and on their death, the spouse would get a reduced amount Impaired Annuity takes existing serious medical conditions into consideration to pay a higher amount to compensate for shorter life expectancy Life Income Fund Payment amount guaranteed for life You may collect 6 payments or 600! Term Certain for example, 20 year payment to you or your beneficiary Joint and Last Survivor on death, payments continue to your spouse until their death (smaller payments than single life annuity) 2

3 Defined Benefits Both employer and employee contribute Pension provider manages the investment porfolio and associated risks Provides a guaranteed income for life Calculated using earnings and years of service Protected against inflation Can retire as early as age 55 with bridge benefits to age 65 Bridge benefits replaced by CPP at 65 Survivor and disability benefits Many defined benefits plans have a website with a retirement income calculator (.omers., Benefit calculations vary according to the plan but a very general example of what to expect would be: 2% x 35 years of service x $50,000 (applicable income) = $35,000 per year less appropriate deductions Deferred Profit Sharing An employer allocates a percentage of the company s pre-tax profits to the employee pension fund Incentive to employee to work in the best interest of the company to boost profit May not contribute if having a poor year Contributions are tax deductible Contributions vest after 2 years No locking-in rules At retirement, can cash contributions, buy an annuity or a Registered Retirement Income Fund (RRIF) Group buying power can result in higher rates and lower investment management fees Group RRSP Remember Employees save for retirement by contributing to an RRSP through payroll deduction Group buying power can result in higher interest and lower management fees Receive tax break every pay, at source Company pension plans are designed to ideally provide 50% of your total retirement income Registered Retirement Savings Plan (RRSP) You contribute to a plan for yourself or a spouse Contributions are tax deferred, reducing income tax payable now to withdraw when you are retired with a potentially lower tax bracket Maximum contribution of 18% of annual earned income (cumulative) to an annually adjusted maximum 3

4 Suggestions Use any tax refund resulting from your RRSP contribution to pay down your mortgage or deposit to a Registered Education Savings Plan If you will have a larger company pension income, consider a Tax Free Savings Account vs RRSP Some RRSP Investment Options Savings GIC s Mutual Funds Stock Registered Retirement Income Fund (RRIF) An RRSP must be converted to a retirement income by the end of the year you turn 71. You could use that money to buy an annuity or a Registered Retirement Income Fund (RRIF) You choose how the RRIF is invested, keeping in mind that usually risk tolerance is lower after retirement as chances to recoup losses are less RRIF s offer flexibility not available in other retirement vehicles Subject to a government set minimum, you determine the payment amount and frequency You can withdraw a lump sum at any time keeping in mind that it becomes taxable income Example RRIF payments: $100,000 invested at 6% could give you $1000 per month from age 69 to 81, or $700 per month from age 69 to age 91 If your RRIF is earning only 2%, a $700 payment would end at age 83! What about a Registered Education Savings Plan? RESP s While planning for retirement, you may also want to contribute to an RESP to help fund post secondary education for your children The current average cost of four years of University, providing your child lives at home, is $37,000 You are allowed to contribute up to $4,000 per child per year to a maximum of $42,000 Government contributes a grant equal to 20% of your deposit to $400 per year and a maximum of $7200 per plan You have a total of 21 years to invest You have a total of 25 year from opening to collapse the plan Withdrawals made from the plan, used for education, are taxable income at the student s low tax rate If the RESP is not used, your original contributions can be withdrawn, earnings are taxable and the government will take back the 20% grant Original contributions to $50,000 may be transferred to an RRSP if unused portion matches 4

5 Personal Savings Having personal savings available will mean that you are prepared for any unexpected expenses Only the earned income (interest, etc) will be taxable Totally flexible and can be used at your discretion you can avoid paying tax and penalties to withdraw funds Home Equity Borrow against home equity with a line of credit to get a low interest rate Reverse mortgages, companies will make monthly payments to you on the understanding that they are repaid with preset interest on your death Homes rarely depreciate, selling your home to downsize can net a substantial amount of cash and the profit on your residence is not taxable Life Insurance Will Reassess your needs shortly before retirement Who is your life insurance for? Maybe adult children who will benefit, would be willing to pay the premiums If you don t have individual life insurance, you may be able to continue to pay for a policy through your employer Single? Good net worth? No children? Do you need life insurance? Provincial court can select a guardian for your children Assets will be frozen until the province appoints an administrator, sometimes taking months In Ontario, the first $200,000 will go to a spouse and any balance is split 50/50 between your spouse and children To Make a will A Living Will Hire a lawyer Purchase a Will Kit in a bookstore or business supply store Obtain a form from the internet Always notify the person you are appointing as executor and be sure they have ready access to a copy of the will Clearly outlines your preferences about medical preferences, like life support Reduces the stress of loved-ones trying to make important medical decisions for you Provides a Medical Power of Attorney that allows your appointed representative to make medical decisions if you are unable to do so Remember It s never too late to start saving for retirement. It will always be a benefit to you. No contribution is too small to make a difference. 5

THE TAX-FREE SAVINGS ACCOUNT

THE TAX-FREE SAVINGS ACCOUNT THE TAX-FREE SAVINGS ACCOUNT The 2008 federal budget introduced the Tax-Free Savings Account (TFSA) for individuals beginning in 2009. The TFSA allows you to set money aside without paying tax on the income

More information

pensions backgrounder #4

pensions backgrounder #4 pensions backgrounder #4 Private Retirement Savings Part 4 in a Series The full series of pension backgrounders are contained in the National Union s Pensions Manual, Fourth Edition available from the

More information

RETIREMENT CHECKLIST MAKING THE MOST OF YOUR RETIREMENT

RETIREMENT CHECKLIST MAKING THE MOST OF YOUR RETIREMENT RETIREMENT CHECKLIST MAKING THE MOST OF YOUR RETIREMENT This document has been prepared for use by RBC Dominion Securities Inc.* and RBC DS Financial Services Inc., (collectively, the Companies ). The

More information

Easy Guide to Retirement Income Options

Easy Guide to Retirement Income Options Easy Guide to Retirement Income Options Contents PAGE 1: Your retirement income choices... 2 1. Convert your RSP into an annuity... 2 a. Life Annuity... 2 b. Term Certain Annuity to Age 90... 2 2. Convert

More information

Your guide to the Tax-Free Savings Account

Your guide to the Tax-Free Savings Account INVESTMENTS Tax-Free Savings Account Your guide to the Tax-Free Savings Account An important part of any financial plan is savings. Short-term goals such as a vacation or long-term goals like retirement

More information

How Can You Reduce Your Taxes?

How Can You Reduce Your Taxes? RON GRAHAM AND ASSOCIATES LTD. 10585 111 Street NW, Edmonton, Alberta, T5M 0L7 Telephone (780) 429-6775 Facsimile (780) 424-0004 Email rgraham@rgafinancial.com How Can You Reduce Your Taxes? Tax Brackets.

More information

The Canadian Retirement Income Guide 2014 Edition. Maximizing your retirement income while minimizing your taxes

The Canadian Retirement Income Guide 2014 Edition. Maximizing your retirement income while minimizing your taxes The Canadian Retirement Income Guide 2014 Edition Maximizing your retirement income while minimizing your taxes Introduction When you retire, not only does your daily routine change, but your pay cheque

More information

Table of Contents. Page 2 of 10

Table of Contents. Page 2 of 10 Page 1 of 10 Table of Contents What is an RRSP?... 3 Why should you put money into an RRSP?... 3 When should you start an RRSP?... 3 The convenience of regular RRSP deposits... 3 How much can you contribute?...

More information

Reuter Benefits Group Plan Member Newsletter September 2009

Reuter Benefits Group Plan Member Newsletter September 2009 Reuter Benefits Group Plan Member Newsletter September 2009 Accessing Your Retirement Savings As you approach retirement, you will need to turn your Pension and RRSP, as well as any nonregistered savings,

More information

Module 5 - Saving HANDOUT 5-7

Module 5 - Saving HANDOUT 5-7 HANDOUT 5-7 Savings Tools (detailed) 5 Contents High interest savings account This is a type of deposit account. The bank pays you interest. The rate changes with the prime rate set by the bank. This is

More information

Early Retirement Strategies

Early Retirement Strategies If you or a member of your family is facing a permanent lay-off, voluntary early retirement or forced early retirement, there are many important decisions to be made decisions that can have a significant

More information

Pre-retirement workshop March 2014. Shafique Pirani, BA, CRM, EPC, CFP Senior Education Consultant

Pre-retirement workshop March 2014. Shafique Pirani, BA, CRM, EPC, CFP Senior Education Consultant Pre-retirement workshop March 2014 Shafique Pirani, BA, CRM, EPC, CFP Senior Education Consultant Key Topics What retirement looks like today What does retirement mean to you? Next steps : how to prepare

More information

Preparing for Retirement. A Guide for Employees. Human Resources

Preparing for Retirement. A Guide for Employees. Human Resources Preparing for Retirement A Guide for Employees 010 Human Resources Contents Introduction... 3 Canada Pension Plan Retirement Benefits... 4 Old Age Security... 6 Employment Insurance Benefits at Retirement...

More information

7 Facts You Need to Know About Reverse Mortgages...

7 Facts You Need to Know About Reverse Mortgages... SPECIAL REPORT 7 Facts You Need to Know About Reverse Mortgages... By Quinn Berry 7 Facts You Need to Know About Reverse Mortgages... to help you enjoy a comfortable, worry-free retirement! Chances are

More information

Taxation of Retirement Income

Taxation of Retirement Income Taxation of Retirement Income TAXATION OF RETIREMENT INCOME As our population ages, the need to fund a comfortable retirement becomes a priority for more and more Canadians. Many Canadians planning for

More information

Local 804 Pension Plan

Local 804 Pension Plan Local 804 Pension Plan A guide to your pension plan benefits Union Benefit Plans Services Contact Contact us If you have any questions about the plan, please contact the plan administrator: Union Benefit

More information

Understanding RSPs. Your Guide to Retirement Savings Plans

Understanding RSPs. Your Guide to Retirement Savings Plans Understanding RSPs Your Guide to Retirement Savings Plans Getting Started Some retirement basics Getting Ahead Setting your retirement savings goals Getting the Most Maximizing your RSP growth Getting

More information

Investor Guide. RRIF Investing. Managing your money in retirement

Investor Guide. RRIF Investing. Managing your money in retirement Investor Guide RRIF Investing Managing your money in retirement 1 What s inside It s almost time to roll over your RRSP...3 RRIFs...4 Frequently asked questions...5 Manage your RRIF...8 Your advisor...10

More information

LAKEHEAD UNIVERSITY EMPLOYEE PENSION PLAN MEMBER BOOKLET

LAKEHEAD UNIVERSITY EMPLOYEE PENSION PLAN MEMBER BOOKLET LAKEHEAD UNIVERSITY EMPLOYEE PENSION PLAN MEMBER BOOKLET 2011 1 TABLE OF CONTENTS Introduction... 3 Eligibility... 4 Contributions... 5 Individual Account... 8 Short Term Account... 8 Retirement Dates...

More information

Retirement Income System

Retirement Income System ISPB-319-03-01E March 2001 Canada s Retirement Income System Old Age Security Canada Pension Plan Private Pensions and Savings What s in it for you? PRODUCED BY: Human Resources Development Canada Income

More information

Introducing. Tax-Free Savings Accounts

Introducing. Tax-Free Savings Accounts Introducing Tax-Free Savings Accounts Tax-Free Savings Accounts A new way to save Tax-free savings accounts were introduced by the federal government in the 2008 budget as an incentive for Canadians to

More information

Your Guide to Retirement Income Planning

Your Guide to Retirement Income Planning Your Guide to Retirement Income Planning Your Guide to Retirement Income Planning 3 Your retirement income plan How to create secure income in retirement Your retirement will be as unique as you are. Travel,

More information

Retirement Planning Workshop

Retirement Planning Workshop Retirement Planning Workshop Agenda What is Retirement Planning? Why Plan for Retirement? 5 Key Risks to secure income Goal Setting Retirement Income Considerations Asset Accumulation Considerations Tom

More information

TAX, RETIREMENT & ESTATE PLANNING SERVICES. Registered Retirement Savings Plan (RRSP) THE FACTS

TAX, RETIREMENT & ESTATE PLANNING SERVICES. Registered Retirement Savings Plan (RRSP) THE FACTS TAX, RETIREMENT & ESTATE PLANNING SERVICES Registered Retirement Savings Plan (RRSP) THE FACTS Table of contents What is an RRSP?... 3 Why should I contribute to an RRSP?... 4 When can I contribute?...

More information

Invest. Tax-Free (It will make you smile) Tax-Free Savings Account

Invest. Tax-Free (It will make you smile) Tax-Free Savings Account Invest. Tax-Free (It will make you smile) Tax-Free Savings Account A Saving & Investing Revolution The Tax-Free Savings Account (TFSA) is considered to be the most important personal savings plan introduced

More information

Registered Retirement Income Funds

Registered Retirement Income Funds Registered Retirement Income Funds The Income Tax Act states that a Registered Retirement Savings Plan (RRSP) matures by December 31 of the year in which the planholder (annuitant) reaches age 69. At the

More information

1999 Academic Pension Plan

1999 Academic Pension Plan 1999 Academic Pension Plan TABLE OF CONTENTS Introduction... 3 Eligibility... 3 Enrolling in the Plan... 3 Contributions... 3 Defined Benefit Component:... 3 Defined Contribution Component:... 4 Other

More information

ADVISOR USE ONLY PAYOUT ANNUITY. Overcoming objections. Life s brighter under the sun

ADVISOR USE ONLY PAYOUT ANNUITY. Overcoming objections. Life s brighter under the sun ADVISOR USE ONLY PAYOUT ANNUITY Overcoming objections Life s brighter under the sun Overview Payout annuities are a powerful retirement tool and have been an important product for many years. They re sometimes

More information

Payouts. Protection. In One Place.

Payouts. Protection. In One Place. Payouts. Protection. In One Place. ING Single Premium Immediate Annuity issued by ING USA Annuity and Life Insurance Company Your future. Made easier. Payouts. Protection. In today s financial world, some

More information

Planning for Retirement

Planning for Retirement Planning for Retirement PLANNING FOR RETIREMENT Retirement. It s a period of one s life that most people look forward to, anticipating more time to spend with family and friends, and a welcome end to the

More information

Payouts. Protection. In One Place.

Payouts. Protection. In One Place. Payouts. Protection. In One Place. ING Single Premium Immediate Annuity ANNUITIES Your future. Made easier. Payouts. Protection. In today s financial world, some products provide payout options. Others

More information

You and Your SEVERANCE: Mackenzie Tax & Estate Planning

You and Your SEVERANCE: Mackenzie Tax & Estate Planning You and Your SEVERANCE: PUT YOUR MONEY TO WORK Mackenzie Tax & Estate Planning 1 2 Are you facing a change in your employment? Severance, early retirement, extended layoff? Transitions like these can be

More information

my plan Simplified Pension Plan for Employees of Bishop s University Member Booklet

my plan Simplified Pension Plan for Employees of Bishop s University Member Booklet my plan Simplified Pension Plan for Employees of Bishop s University Member Booklet Client ID 2RT-01 May 2015 Table of Contents Introduction... 1 What type of plan do I have?... 1 What are my responsibilities?...

More information

Strategies For Dealing With An Early Retirement Package

Strategies For Dealing With An Early Retirement Package If you or a member of your family is facing a permanent lay-off, voluntary early retirement or forced early retirement, there are many important decisions to be made decisions that can have a significant

More information

my plan Husky Oil Operations Limited Retirement Program Defined Contribution Pension Plan Group Registered Retirement Savings Plan Member Booklet

my plan Husky Oil Operations Limited Retirement Program Defined Contribution Pension Plan Group Registered Retirement Savings Plan Member Booklet my plan Husky Oil Operations Limited Retirement Program Defined Contribution Pension Plan Group Registered Retirement Savings Plan Member Booklet For Manitoba permanent employees Client ID 16R-01 Prepared

More information

Voya Single Premium Immediate Annuity

Voya Single Premium Immediate Annuity Voya Single Premium Immediate Annuity issued by Voya Insurance and Annuity Company Payouts. Protection. In One Place. Payouts. Protection. In One Place. In today s financial world, some products provide

More information

Deferred Retirement Option Plan (DROP)

Deferred Retirement Option Plan (DROP) Deferred Retirement Option Plan (DROP) Any Group G member who meets the requirements for a normal retirement may elect to participate in the DROP for up to three years. Sick leave may be used as credited

More information

Pension Options. In Alberta, the money that is held for you in a pension plan must be used to provide you with a lifetime income when you retire.

Pension Options. In Alberta, the money that is held for you in a pension plan must be used to provide you with a lifetime income when you retire. RON GRAHAM AND ASSOCIATES 100, 10585-111 Street,Edmonton, Alberta T5H 3E8 Telephone (780) 429-6775 Facsimile (780) 424-0004 rgraham@rgafinancial.com Pension Options In Alberta, the money that is held for

More information

The Individual Pension Plan. An opportunity to have your cake and eat it too!

The Individual Pension Plan. An opportunity to have your cake and eat it too! Special Report An introduction to: The Individual Pension Plan An opportunity to have your cake and eat it too! Gerard Hass, CA, CFP, CFA Portfolio Manager Raymond James Ltd. 1 What is an Individual Pension

More information

getting you ready / retirement planning For members within five years of retiring

getting you ready / retirement planning For members within five years of retiring getting you ready / retirement planning For members within five years of retiring Contents 2 / Introduction 3 / HOOPP: More for your money 4 / The pension you ll receive 6 / When you can retire 12 / Survivor

More information

Voya Single Premium Immediate Annuity

Voya Single Premium Immediate Annuity Voya Single Premium Immediate Annuity issued by Voya Insurance and Annuity Company Payouts. Protection. In One Place. Payouts. Protection. In One Place. In today s financial world, some products provide

More information

ANSWERING YOUR RRSP QUESTIONS

ANSWERING YOUR RRSP QUESTIONS November 2014 CONTENTS What is an RRSP? Contributing to your RRSP Investing and managing your RRSP Making withdrawals from your RRSP Summary ANSWERING YOUR RRSP QUESTIONS RRSPs are an important component

More information

Planning Retirement. Information for BCGEU Pension Plan Members

Planning Retirement. Information for BCGEU Pension Plan Members Planning Retirement Information for BCGEU Pension Plan Members January 2012 PAGE ONE PAGE TWO PAGE THREE PAGE FOUR PAGE FIVE PAGE SIX PAGE SEVEN PAGE EIGHT PAGE NINE PAGE TWELVE TABLE OF CONTENTS Preparing

More information

For advisor use only Advisor Guide

For advisor use only Advisor Guide For advisor use only Advisor Guide RBC Payout Annuities 2 RBC Payout Annuities: Advisor guide What you and your clients need to know about payout annuities In an uncertain financial world where guarantees

More information

Newcomer Finances Toolkit. Investments. Worksheets

Newcomer Finances Toolkit. Investments. Worksheets Newcomer Finances Toolkit Investments Worksheets Ottawa Community Loan Fund Fonds d emprunt Communautaire d Ottawa 22 O Meara St., Causeway Work Centre, Ottawa, ON K1Y 4N6 Tel: 613-594-3535 Fax: 613-594-8118

More information

Making the right choice

Making the right choice GROUP RETIREMENT SAVINGS SOLUTIONS Simply let our experts guide you Desjardins & Co. Making the right choice Reference Guide for Employers Group Retirement Savings Products At Desjardins Group, we excel

More information

Immediate Annuities. Reno J. Frazzitta Investment Advisor Representative 877-909-7233 www.thesmartmoneyguy.com

Immediate Annuities. Reno J. Frazzitta Investment Advisor Representative 877-909-7233 www.thesmartmoneyguy.com Reno J. Frazzitta Investment Advisor Representative 877-909-7233 www.thesmartmoneyguy.com Immediate Annuities Page 1 of 7, see disclaimer on final page Immediate Annuities What is an immediate annuity?

More information

What Happens if You Die Without a Will

What Happens if You Die Without a Will RON GRAHAM AND ASSOCIATES LTD. 10585 111 Street NW, Edmonton, Alberta, T5M 0L7 Telephone (780) 429-6775 Facsimile (780) 424-0004 Email rgraham@rgafinancial.com What Happens if You Die Without a Will If

More information

Personal Financial Plan

Personal Financial Plan Personal Financial Plan Pete and Carrie Mitchell 918 Richmond Street Toronto, Ontario M5N 1V5 Disclaimer This document has been prepared to assist in the analysis of your current financial position, thereby

More information

An Easy-to-Understand Introduction to the Retirement Plan and the Savings Plan. How the Plans Work. Contributions. Other Benefits

An Easy-to-Understand Introduction to the Retirement Plan and the Savings Plan. How the Plans Work. Contributions. Other Benefits An Easy-to-Understand Introduction to the Retirement Plan and the Savings Plan Annuities How the Plans Work Contributions Eligibility Enrollment Other Benefits November 2015 WELCOME TO THE YMCA RETIREMENT

More information

Understanding Annuities

Understanding Annuities This guide: Explains the different types of annuity contracts Describes the various contractual features Discusses how to shop for an annuity State of Wisconsin Office of the Commissioner of Insurance

More information

Income annuities. Retirement income guaranteed. Are you looking for stable and guaranteed income you can count on throughout your retirement?

Income annuities. Retirement income guaranteed. Are you looking for stable and guaranteed income you can count on throughout your retirement? Income annuities Retirement income guaranteed Are you looking for stable and guaranteed income you can count on throughout your retirement? A lifetime income annuity can become the cornerstone of your

More information

The Road to Retirement: Beginning your journey

The Road to Retirement: Beginning your journey The Road to Retirement: Beginning your journey CSS Pension Plan Welcome! This Road to Retirement series has been designed to help you understand your pension plan, and save for retirement. [When you see

More information

Preparing for the retirement you want

Preparing for the retirement you want Preparing for the retirement you want You deserve an enjoyable retirement Retirement is one of life s most significant events. It marks the transition to a new and very wonderful stage of life. You will

More information

Sample retirement plan prepared with. The Canadian Retirement Planner s Software. For information visit http://www.gobeil.ca/

Sample retirement plan prepared with. The Canadian Retirement Planner s Software. For information visit http://www.gobeil.ca/ RETIREMENT PLAN PROVINCE OF ONTARIO AS AT JANUARY 1, 2012 PREPARED BY DAVID GOBEIL, CA, CFP NOVEMBER 14, 2011 VERSION DRAFT Sample retirement plan prepared with The Canadian Retirement Planner s Software

More information

Understanding Annuities

Understanding Annuities This guide: Explains the different types of annuity contracts Describes the various contractual features Discusses how to shop for an annuity State of Wisconsin Office of the Commissioner of Insurance

More information

MEMBER RETIREMENT INCOME OPTIONS Achieve Your Retirement Dreams

MEMBER RETIREMENT INCOME OPTIONS Achieve Your Retirement Dreams MEMBER RETIREMENT INCOME OPTIONS Achieve Your Retirement Dreams Achieve Your Retirement Dreams With a Registered Retirement Income Fund (RRIF) Wise Ways to Make the Most of Your Money Now that you re getting

More information

Group Retirement Savings Plan for Ryerson University CUPE 3904 PT&S

Group Retirement Savings Plan for Ryerson University CUPE 3904 PT&S Group Retirement Savings Plan for Ryerson University CUPE 3904 PT&S Prepared June 2009 Policy/Plan Number 42745 Ryerson Group Retirement Pension Plan Table of Contents An Introduction to your Group Plan,

More information

OCAD University. Financial Planning 101. The basics

OCAD University. Financial Planning 101. The basics OCAD University Financial Planning 101 The basics Today s Agenda Why plan? Setting goals and budgeting Create your financial plan Retirement plan Investment plan Tax plan Insurance Plan Estate Plan iacquaint

More information

INSURED RETIREMENT PROGRAM

INSURED RETIREMENT PROGRAM INSURED RETIREMENT PROGRAM www.financialhorizons.com INSURED RETIREMENT PROGRAM One of the challenges faced by individuals who earn a higher income is finding tax efficient ways to save for retirement.

More information

Frequently Asked Questions: Lump Sum Reminder

Frequently Asked Questions: Lump Sum Reminder Frequently Asked Questions: Lump Sum Reminder IMPORTANT NOTE: In these Frequently Asked Questions (FAQs), the terms you, I, or my refer to someone who is a former employee of HP or one of its acquired

More information

LATEST EDITION JUNE 2011. Your Pension and Planning Your Retirement. A guide for getting started on your retirement plans

LATEST EDITION JUNE 2011. Your Pension and Planning Your Retirement. A guide for getting started on your retirement plans LATEST EDITION JUNE 2011 Your Pension and Planning Your Retirement A guide for getting started on your retirement plans How to contact us Member and Pensioner Services: (416) 681-6100 in the Toronto calling

More information

Thrift Savings Plan. Plan Overview. Investment Options. Contribution Limits. Withdrawal Options

Thrift Savings Plan. Plan Overview. Investment Options. Contribution Limits. Withdrawal Options Plan Overview Investment Options Contribution Limits Withdrawal Options (TSP) Contents Investment Options... Life Cycle Funds... TSP Contributions - Tax Treatment... Agency Contributions... Over 50 Catch-up

More information

The Canadian Retirement Income Guide 2015/16 Edition

The Canadian Retirement Income Guide 2015/16 Edition The Canadian Retirement Income Guide 2015/16 Edition Maximizing your retirement income while minimizing your taxes Table of Contents: Introduction Page 3 The Six Sources of Retirement Income Page 4 1)

More information

F O R Y O U R F A M I L Y

F O R Y O U R F A M I L Y FOR YOUR FAMILY Your partner or loved ones will face many decisions upon your death. We hope this brochure makes it easier for them to make those decisions then and easier for you to talk with them about

More information

Performance Annuity. with Standard Life. Your guide to. Investment Solutions

Performance Annuity. with Standard Life. Your guide to. Investment Solutions Investment Solutions Your guide to Performance Annuity with Standard Life For insurance representative use only. This document is not intended for public distribution. title Hello. Performance Annuity:

More information

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES BUYER S GUIDE TO FIXED DEFERRED ANNUITIES Prepared by the National Association of Insurance Commissioners The National Association of Insurance Commissioners is an association of state insurance regulatory

More information

Company Pension Plans in Canada

Company Pension Plans in Canada Company Pension Plans in Canada This article provides an introduction to company pension plans as well as a discussion of several issues currently facing company pension plans in Canada. Company pension

More information

4Needs your WHAT S AFTER? ELIMINATE DEBT THE FEWER DEBTS, THE BETTER! Wills and Trusts; Reviewing These Are a Must

4Needs your WHAT S AFTER? ELIMINATE DEBT THE FEWER DEBTS, THE BETTER! Wills and Trusts; Reviewing These Are a Must YOUR SOURCE FOR RETIREMENT PLANNING AND POSSIBILITIES e > N xt WHAT S AFTER? But first, some things to think about before 4Needs your retirement income should meet ELIMINATE DEBT THE FEWER DEBTS, THE BETTER!

More information

2) You must then determine how much of the risk you are willing to assume.

2) You must then determine how much of the risk you are willing to assume. CHAPTER 4 Life Insurance Structure, Concepts, and Planning Strategies Where can you make a Simpler living as a needs financial planner? 1) Wealthy clients have a much higher profit margin. The challenge

More information

This strategy gives a person the ability to take advantage of the tax-sheltering ability of a life insurance policy.

This strategy gives a person the ability to take advantage of the tax-sheltering ability of a life insurance policy. Insuring the Future In this Newsletter: Supplementing Retirement Income Who should be looking at this strategy? The Registered Savings Problem John Jordan, CFP CERTIFIED FINANCIAL PLANNER Phone: (519)

More information

Collins Barrow. Chartered Accountants

Collins Barrow. Chartered Accountants Income Tax for Small Business Presented by Jason Timmermans, BA, CA Partner KMD Introduction Information package What are you hoping to get out of today s session? Agenda Basics of Canadian income tax

More information

Retirement Income Options

Retirement Income Options Retirement Income Options How will you spend your retirement? Table of Contents Introduction...4 Retirement Considerations...5 Other Considerations...8 Entering Retirement...9 Retirement Income Options...10

More information

Reverse Mortgages A Source of Funds for Retirement?

Reverse Mortgages A Source of Funds for Retirement? Reverse Mortgages A Source of Funds for Retirement? Many people make it a goal of their financial lives to invest in a home. It is a great accomplishment when that last mortgage payment is made. Can a

More information

Plan at a glance: University of Saskatchewan Group Retirement Fund Prescribed Retirement Income Fund PRIF Registered Retirement Income Fund RRIF

Plan at a glance: University of Saskatchewan Group Retirement Fund Prescribed Retirement Income Fund PRIF Registered Retirement Income Fund RRIF Plan at a glance: Group Retirement Prescribed Retirement Income PRIF Registered Retirement Income RRIF Your plan at a glance We know how hard you have saved for your future. Now it s time for you to make

More information

account statement a record of transactions in an account at a financial institution, usually provided each month

account statement a record of transactions in an account at a financial institution, usually provided each month GLOSSARY GLOSSARY Following are definitions for key words as they are used in the financial life skills resource. They may have different or additional meanings in other contexts. A account an arrangement

More information

Sample retirement plan prepared with. The Canadian Retirement Planner s Software. For information visit http://www.gobeil.ca/

Sample retirement plan prepared with. The Canadian Retirement Planner s Software. For information visit http://www.gobeil.ca/ RETIREMENT PLAN KAREN AND BILL SWIRE PROVINCE OF ONTARIO AS AT JANUARY 1, 2012 PREPARED BY DAVID GOBEIL, CA, CFP NOVEMBER 4, 2011 VERSION DRAFT Sample retirement plan prepared with The Canadian Retirement

More information

SUMMARY REVIEW COLORADO COUNTY OFFICIALS AND EMPLOYEES RETIREMENT ASSOCIATION 457 DEFERRED COMPENSATION PLAN FOR THE

SUMMARY REVIEW COLORADO COUNTY OFFICIALS AND EMPLOYEES RETIREMENT ASSOCIATION 457 DEFERRED COMPENSATION PLAN FOR THE SUMMARY REVIEW FOR THE COLORADO COUNTY OFFICIALS AND EMPLOYEES RETIREMENT ASSOCIATION 457 DEFERRED COMPENSATION PLAN TABLE OF CONTENTS INTRODUCTION... i HIGHLIGHTS... 2 PARTICIPATION... 2 Eligibility to

More information

Income Taxes module. After covering the topics in the module booklets or web pages and this workshop, learners will be able to:

Income Taxes module. After covering the topics in the module booklets or web pages and this workshop, learners will be able to: Income Taxes module Trainer s Introduction Most people are aware that they must file an income tax return in Canada, if only to claim back any excess taxes that were withheld from their income. Filing

More information

Tax-Free Savings Account(TFSA) trademark of The Empire Life Insurance Company. Policies are issued by The Empire Life Insurance Company.

Tax-Free Savings Account(TFSA) trademark of The Empire Life Insurance Company. Policies are issued by The Empire Life Insurance Company. Tax-Free Savings Account(TFSA) Registered trademark of The Empire Life Insurance Company. Policies are issued by The Empire Life Insurance Company. Tax-Free Savings Account Canadians need all the help

More information

Solut!ons for financial planning

Solut!ons for financial planning Understanding your options this RRSP season 16 Solut!ons for financial planning Consider mutual funds and segregated fund contracts You ve likely heard it before: you should regularly contribute to a Registered

More information

Life s brighter under the sun (and so is your retirement)

Life s brighter under the sun (and so is your retirement) Life s brighter under the sun (and so is your retirement) Key topics Your retirement options Understanding your plan Choosing your investments Managing your account Take action 2 YOUR RETIREMENT OPTIONS

More information

CANADIAN MERCHANT SERVICE GUILD

CANADIAN MERCHANT SERVICE GUILD 2006 CANADIAN MERCHANT SERVICE GUILD WESTERN BRANCH PENSION PLAN (Towboats) This statement has been prepared for: 2006 CANADIAN MERCHANT SERVICE GUILD WESTERN BRANCH PENSION PLAN (Towboats) Printed March

More information

Wealth Management Retirement Income Layering

Wealth Management Retirement Income Layering Wealth Management Retirement Income Layering Alan Rowell, MFA, DFA-Tax Services Specialist President, The Accounting Place Agenda Retirement Planning with the End in Mind Sources of Retirement Income Control

More information

> The Role of Insurance in Wealth Planning

> The Role of Insurance in Wealth Planning > The Role of Insurance in Wealth Planning Executive retirement solutions A S S A N T E E S T A T E A N D I N S U R A N C E S E R V I C E S I N C. Executive retirement solutions Everyone wants enough retirement

More information

I request a refund in accordance with paragraph 7(b); or

I request a refund in accordance with paragraph 7(b); or CIBC RETIREMENT SAVINGS PLAN AGREEMENT 1. ESTABLISHMENT OF PLAN: Canadian Imperial Bank of Commerce ( CIBC ) agrees to hold on deposit in a CIBC Retirement Savings Plan (the Plan ) contributions received

More information

Fixed Deferred Annuities

Fixed Deferred Annuities Buyer s Guide to: Fixed Deferred Annuities National Association of Insurance Commissioners 2301 McGee St Suite 800 Kansas City, MO 64108-2604 (816) 842-3600 1999, 2007 National Association of Insurance

More information

COLLIERS INTERNATIONAL USA, LLC And Affiliated Employers 401(K) Plan DISTRIBUTION ELECTION

COLLIERS INTERNATIONAL USA, LLC And Affiliated Employers 401(K) Plan DISTRIBUTION ELECTION 1. EMPLOYEE INFORMATION (Please print) COLLIERS INTERNATIONAL USA, LLC And Affiliated Employers 401(K) Plan DISTRIBUTION ELECTION Name: Address: Social Security No.: Birth Date: City: State: Zip: Termination

More information

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES BUYER S GUIDE TO FIXED DEFERRED ANNUITIES IT IS IMPORTANT that you understand the differences among various annuities so you can choose the kind that best fits your needs. This guide focuses on fixed deferred

More information

PROTECTING YOUR DEPOSITS. From $1 to $100,000

PROTECTING YOUR DEPOSITS. From $1 to $100,000 PROTECTING YOUR DEPOSITS From 1 to 100,000 The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation created in 1967 to protect the money you deposit in member financial institutions

More information

FINANCIAL PLANNING QUESTIONNAIRE

FINANCIAL PLANNING QUESTIONNAIRE FINANCIAL PLANNING QUESTIONNAIRE General Information Title Mr. Ms. Mrs. First Name Middle Name Last Name Birth date MM/DD/YY Sex Smoker Y/N S.I.N. # Home Address: City: Province Postal Code: Home Phone:

More information

SUMMARY OF FERS AND CSRS

SUMMARY OF FERS AND CSRS Appendix A SUMMARY OF FERS AND CSRS This appendix summarizes the main features of FERS and CSRS (Office of Personnel Management, 1998). FERS FERS became effective on January 1, 1987. Most employees who

More information

Employees Retirement Plan University of Windsor Pre-Retirement Seminar

Employees Retirement Plan University of Windsor Pre-Retirement Seminar Employees Retirement Plan University of Windsor Pre-Retirement Seminar Welcome! April 22, 2014 Presentation Overview Preparing for Retirement Sources of Retirement Income Types of Pension Plans Plan Definitions

More information

The Revised Pension Plan of

The Revised Pension Plan of The Revised Pension Plan of A Guide to the Pension Plan for Queen s Staff and Faculty Prepared by Pension Services, Department of Human Resources Fleming Hall, Stewart-Pollock Wing 78 Fifth Field Company

More information

Payment Options. Retirement Benefit

Payment Options. Retirement Benefit Payment Options Retirement Benefit Table of contents Choosing your benefit payment option... 2 Life Annuities... 5 Fixed Period Benefit... 7 Installment Benefit... 8 Combination of Benefits... 10 Single

More information